he ₹1,907 crore issue saw Qualified Institutional Buyers (QIBs) take the lead in the final hours, while High-Net-Worth Individuals (NIIs) remained notably cautious.
Final Subscription Figures (as of Jan 22, 5:30 PM)
| Investor Category | Subscription (Times) | Sentiment |
| Qualified Institutional Buyers (QIB) | 3.81x – 4.00x | High |
| Retail Individual Investors (RII) | 2.31x – 2.43x | Steady |
| Non-Institutional Investors (NII) | 0.84x – 0.88x | Undersubscribed |
| Employees | 2.07x – 2.17x | Moderate |
| Total Overall | 2.72x – 2.86x | Moderate |
Grey Market & Listing Outlook
The primary concern for “listing gain” seekers has been the sharp correction in the Grey Market Premium (GMP).
- Current GMP: ₹0 (Nil) as of January 23, 2026.
- Estimated Listing Price: ₹124, which is exactly at par with the upper price band.
- The “Flat” Signal: Analysts suggest the nil GMP reflects investor caution regarding Shadowfax’s valuation (EV/EBITDA of ~62x) relative to peers like Delhivery, despite Shadowfax turning profitable in FY25 with a net profit of ₹6.4 crore.
Important Dates for Investors
If you applied for the Shadowfax IPO, the next 48 hours are critical for your application status:
- Allotment Finalization: Friday, January 23, 2026 (Today).
- Refund Initiation: Tuesday, January 27, 2026.
- Credit of Shares to Demat: Tuesday, January 27, 2026.
- Listing Date: Wednesday, January 28, 2026 (Tentative).
How to Check Your Allotment Status
You can check if you have been allotted shares by visiting the KFin Technologies (Registrar) website or the exchange portals:
- Registrar: https://ipostatus.kfintech.com/
- BSE Status: Select “Equity” and “Shadowfax Technologies Limited” at bseindia.com.
- NSE Status: Log in to the NSE IPO Portal.
Conclusion: A Test of Long-Term Value
The moderate 2.7x oversubscription suggests that Shadowfax is being viewed as a long-term play on India’s quick-commerce and e-commerce logistics, rather than a short-term speculative hit. With the funds earmarked for expanding its asset-light delivery network, the real test for the company will be its performance in the secondary market after the January 28 debut.
